Naira Gains Ground Against Dollar, Closes at N1,349/$

On October 28, 2026, the naira appreciated against the US dollar for the third consecutive trading session, closing at N1,349/$, up from N1,357/$ the previous day. This recovery follows a significant depreciation on October 23, when the naira closed at N1,370/$ after trading as high as N1,395/$ and as low as N1,340/$.

The naira has gained N21 against the dollar since the October 23 decline. The Central Bank of Nigeria reported that Nigeria's foreign reserves have exceeded $55 billion, marking the highest level in over 18 years and surpassing earlier projections of approximately $51.04 billion for the end of 2026.

While the increase in reserves provides a buffer for external obligations, the naira's performance will also depend on dollar supply, demand from importers, and the flow of foreign exchange into the Nigerian economy. Developments in international currency markets may further influence the demand for the US dollar.